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The next tournament style competition that you will see on Chopped will be the Chopped: Teen Tournament, which is scheduled to premiere in July. It will be a five episode tournament with 16 teens competing. The first four episodes will have four teens each, with the winners moving on to face each other in the fifth and final episode. Chopped has done many of these 5-episode tournaments before with Grill Master, Tournament of Stars, All-Stars, etc. and the prize for those is usually $50,000 (the prize for the celebrities is usually for charity).
The prize for the teen tournament has not been announced at this time, but a special teen episode of Chopped in the past gave the winner a $40,000 scholarship to The International Culinary Schools at The Art Institutes. You would think the prize would be something similar, but could have a higher value due to it being a tournament rather than just one episode. I will keep you posted on the actual start date of the show and when the prize is announced.